The property of the Authority, both real and personal, its acts, activities and income
shall be exempt from any tax or tax obligation; in the event of any lease of Authority
property, or other arrangement which amounts to a leasehold interest, to a private
party, this exemption shall not apply to the value of such leasehold interest nor
shall it apply to the income of the lessee. Otherwise, however, for the purpose of taxation, when property of the Authority
is leased to private parties solely for the purpose of the Authority, the acts and
activities of the lessee shall be considered as the acts and activities of the Authority
and the exemption. The interest on bonds or obligations issued by the Authority shall be exempt from
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